In the world of cryptocurrencies, strategist Bluntz, known for accurately predicting bottom levels, warned his followers that the altcoin market needs one more correction to trigger a new rally.
Warns Altcoin Investors on TOTAL3
Addressing his followers on X, Bluntz warned altcoin investors through the TOTAL3 chart. For those unaware, TOTAL3 is an indicator that tracks the total market value of all cryptocurrencies except Bitcoin (BTC), Ethereum (ETH), and stablecoins.
Bluntz suggested that TOTAL3, which evaluates the performance of altcoins, might experience a short-term rise before a decline. The analyst believes that the market could regain upward momentum after this situation.
Bluntz commented on TOTAL3, saying, “TOTAL3 looks structurally great, with a clear five-wave rise from the bottom levels on the four-hour chart. However, I think the ABC movement correcting this impulse from the bottom levels is not yet complete, and the C wave will come downward. Being fully long right now could be risky; good entry opportunities seem to be coming soon.”
According to the Elliott Wave theory used by the analyst, an asset in an uptrend typically enters a new rally after completing the ABC movement. According to the chart shared by Bluntz, TOTAL3 needs to drop to 530 billion dollars for the C wave and then rise to 620 billion dollars. Currently, TOTAL3 is trading at 576.212 billion dollars.
Also Warns of Bitcoin Decline
Addressing Bitcoin (BTC), Bluntz predicted that the largest cryptocurrency could rally to 65 thousand dollars after declining to 55 thousand dollars. In his evaluation of Bitcoin, the analyst said, “On Friday, we saw a reasonable move from the bottom levels in BTC. However, I think we will pull back a bit more and make another wave around 55 thousand dollars. I base this on the TOTAL3 chart, which looks quite clear.”
At the time of writing, Bitcoin is trading around 60,800 dollars, having risen by 3.31% during the day.
